Gilt Groupe
 | |
| Subsidiary | |
| Industry | E-commerce |
| Founded | 2007 |
| Founder |
Kevin P. Ryan Dwight Merriman Alexis Maybank Alexandra Wilkis Wilson Michael Bryzek Phong Nguyen |
| Headquarters | New York, N.Y., USA |
Key people |
Michelle Peluso (CEO)[1] Kevin P. Ryan (Chairman) Susan Lyne (Vice Chairman)[2] |
| Owner | Hudson's Bay Company |
Number of employees | More than 1000 [3] |
| Website |
gilt |
Gilt is an online shopping website based in the United States. Gilt Groupe was launched in 2007 by five founders.[4] At one time valued at over $1 billion, the site was eventually sold to Hudson's Bay Company for a lower amount than the total obtained from its investors.
History
The company launched women's clothing and accessories in November 2007 and menswear in April 2008. Gilt Groupe Japan in February 2009, Gilt Fuse in August 2009, and travel site Jetsetter followed in September 2009.[5] Gilt City in April 2010, Gilt Home in May 2010 and Gilt Taste in 2011 completed the flurry of brand expansion.[6] Gilt Groupe is based in New York, N.Y. with warehouses in Brooklyn, NY, Las Vegas, NV, and Louisville, KY. In 2012, the company launched a partnership with Jason Binn's luxury lifestyle magazine, DuJour.[7]
In 2009, growth equity firm General Atlantic led a series C funding round, joined by previous investor Matrix Partners. General Atlantic’s managing director, Anton Levy, joined the board of directors.[8][9] By February 2014, Gilt Groupe was preparing for an IPO.[10]
On January 7, 2016, Gilt Groupe announced its acquisition by Hudson’s Bay Company, owner of luxury department store chains Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue, for $250 million, less than the amount raised from investors in all the company's prior funding rounds.[11]
Business
Gilt Groupe visitors must be members in order to view sales. New sales last 36–48 hours and feature merchandise from a single brand or small groups of brands. Gilt purchases vendor inventory at an extreme discount, and then adds a margin on top of the discounted price in order to make a profit. On August 22, 2011, Gilt Groupe added a Facebook shopping section.[12] Android and iPhone apps allow mobile shopping. Access is also available via mobile web for other smartphone and tablet devices. On September 9, 2015, when Apple announced the new 4th generation Apple TV, GILT announced to make an application for the Apple TV.
Book
Penguin Group printed a history of Gilt Groupe in 2012 written by two of its founders, Alexis Maybank and Alexandra Wilkis Wilson. By Invitation Only: How We Built Gilt and Changed the Way Millions Shop was published before Gilt was bought out by Hudson's Bay;[13] At that time the firm was valued at more than $1 billion,[14] over four times greater than its eventual selling price.
See also
References
- ↑ Team | Gilt Groupe | About. Gilt.com. Retrieved on 2013-09-05.
- ↑ Board | Gilt Groupe | About. Gilt.com. Retrieved on 2013-09-05.
- ↑ Gilt Groupe - Company Overview
- ↑ "Author Series with Alexis Maybank of Gilt Groupe". New York Technology Council. August 7, 2012.
- ↑ Shambora, Jessica (September 30, 2009). "Gilt Groupe's Jetsetter takes off". CNN.
- ↑ Fabricant, Florence (2011-05-17). "Gilt Taste Arrives, With Ruth Reichl at the Helm". The New York Times.
- ↑ "Catching Up With Jason Binn" wwd.com
- ↑ McMahan, Ty. "Venture Capitalists Prove They Have A Fashion Sense". The Wall Street Journal. Retrieved 16 December 2015.
- ↑ "Gilt Groupe, Inc. Announces New Growth Capital Investment". PRNewswire. Retrieved 16 December 2015.
- ↑ Strugatz, Rachel (13 February 2014). "Gilt IPO Puts Eyes on Flash Model". WWD. Retrieved 13 February 2014.
- ↑ "Gilt Groupe to Announce Sale to Saks Fifth Avenue Owner as Soon as Thursday Morning". Re/code. Retrieved 2016-01-07.
- ↑ August 22, 2011 Gilt goes after Facebook shoppers internetretailer.com
- ↑ Essential Business Reads Business Week 2012-04-13
- ↑ Alexis Maybank and Alexandra Wilkis Wilson, By Invitation Only: How We Built Gilt and Changed the Way Millions Shop Penguin Group, 2012